The cloud-based contact center market will be worth almost $11 billion just five years from now.
That’s up from less than $4.2 billion in 2014, research firm MarketsandMarkets said in its latest study. While some other IT segments struggle, this is one headed up – way up – at a compound annual growth rate of more than 21 percent if this prediction comes true.
Cloud-based solutions for contact centers refer to the delivery of contact center applications over the Internet on demand. These solutions provide organizations with processing and data storage capabilities in the cloud. Cloud-based solutions for contact centers enable acceleration of business change and improved customer experiences. These two act as the powerful motivators in the global marketplace where contact centers play a major role in competitive differentiation, MarketsandMarkets noted.
Cloud contact-center software is also appealing because for most businesses, it’s a low-cost, quick-to-implement alternative which delivers the flexibility needed by organizations to enable growth and expansion.
By region, North America is expected to be the biggest market in terms of revenue, while emerging economies such as Middle East and Africa (MEA), Latin America (LA), and Asia Pacific (APAC) are expected to experience increased market traction with high CAGRs, the research firm said.
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